September 27th 1971, Washington, DC, USA. The Former Texas Governor John Connally at a General Assembly of the International Monetary Fund (IMF) in 1971. In July 1944, representatives from 44 countries assembled at Bretton Woods, USA agreed to create the IMF in order to stabilize the increasingly delicate world economy. In August 1971, American President Richard Nixon (1969-1974) scrapped the gold exchange standard, extending the life of the IMF but pushing it into a secondary role. Only at...more »

September 27th 1971, Washington, DC, USA. The Former Texas Governor John Connally at a General Assembly of the International Monetary Fund (IMF) in 1971. In July 1944, representatives from 44 countries assembled at Bretton Woods, USA agreed to create the IMF in order to stabilize the increasingly delicate world economy. In August 1971, American President Richard Nixon (1969-1974) scrapped the gold exchange standard, extending the life of the IMF but pushing it into a secondary role. Only at the beginning of the 1980s, following the crisis of the Third World debt, was the IMF called on again to play a major role in world economy. Connally was appointed as US Treasury Secretary by Nixon the day after the meeting.« less